V-Test(SH:688372) Great Wall Securities·2025-03-03 07:18Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index in the next six months [21]. Core Insights - The company achieved a record high revenue of 1.077 billion yuan in 2024, representing a year-on-year growth of 46.21%. The net profit attributable to shareholders was 128 million yuan, with an increase of 8.84% year-on-year [1][2]. - The growth in revenue is attributed to the recovery in the semiconductor industry and the increased demand for high-end testing services, particularly for high-performance chips [2][4]. - The company has focused on high-end chip testing, successfully overcoming technical challenges in testing various advanced chips, which has led to an increase in capacity utilization and a higher proportion of high-end product testing [3][4]. Financial Performance Summary - Revenue for 2024 is projected at 1.077 billion yuan, with a growth rate of 46.2% year-on-year. The net profit is expected to be 128 million yuan, reflecting an 8.8% increase year-on-year [1]. - The company's total assets expanded by 36.33% by the end of 2024, primarily due to investments in testing capacity and new facilities [2]. - The report forecasts net profits for 2024, 2025, and 2026 to be 128 million yuan, 235 million yuan, and 295 million yuan, respectively, with corresponding EPS of 1.12 yuan, 2.06 yuan, and 2.59 yuan [10].